§ Mr. Austin Mitchell
asked the Chancellor of the Exchequer what is the expected yield in a full year of his proposals for dealing with tax avoidance in roll-up funds, commodity funds, and so on, and against offshore insurance companies.
§ Mr. Moore
The yield will depend largely upon the extent to which United Kingdom residents continue to use roll-up funds after the new proposals take effect in January.
Similarly, the yield from non-qualifying policies issued after 17 November will depend on whether United Kingdom residents continue to purchase such policies from non-resident life companies.